The marine propeller market is estimated to be USD 4.73 Billion in 2017 and is projected to reach USD 5.37 Billion by 2022, at a CAGR of 2.56% from 2017 to 2022. The objective of this study is to analyze, define, describe, and forecast the marine propeller market based on type, application, material, end user, propulsion, number of blades, and region

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The report "Marine Propeller Market by Type (Propellers, Thrusters), Application (Merchant Ships, Naval Ships, Boats), Material (Stainless Steel, Aluminium, Bronze, Nickel-Aluminium Bronze), End User, Propulsion, Number of Blades, Region - Global Forecast to 2022", The marine propeller market is estimated to be USD 4.73 Billion in 2017 and is projected to reach USD 5.37 Billion by 2022, at a CAGR of 2.56% from 2017 to 2022. The growth in international seaborne trade, increased demand for marine propellers from the new shipbuilding & repair market, and growth in maritime tourism are key factors anticipated to drive the marine propeller market.

Based on application, the merchant ships segment is projected to grow at the highest CAGR during the forecast period

Based on application, the merchant ships segment of the marine propeller market is projected to grow at the highest CAGR from 2017 to 2022. The growth of the merchant ships segment can be attributed to the increasing demand for imported goods.

According to the International Chamber of Shipping (ICS), more than 50,000 merchant ships are involved in transporting cargos internationally. Furthermore, according to the United Nations Conference on Trade and Development (UNCTAD), the Greek merchant fleet is the largest worldwide encompassing 4,017 ships; it accounts for over 16% of the world’s total tonnage.

Based on number of blades, the 5-blade segment is anticipated to witness the highest growth during the forecast period

Based on number of blades, the 5-blade segment of the marine propeller market is projected to grow at the highest CAGR during the forecast period. 5-blade propellers offer improved propulsion efficiency and have less vibration as compared to 4-blade propellers.

Based on end user, the OEM segment is projected to witness the highest growth during the forecast period

Based on end user, the OEM segment of the marine propeller market is projected to grow at the highest CAGR during the forecast period. Increased spending on shipbuilding activities by different regions worldwide is anticipated to drive the growth of the OEM segment of the marine propeller market.

OEMs offer line-fit and retrofit options, thereby saving the time consumed in the installation of marine components post their delivery.

Based on propulsion, the sterndrive segment is projected to witness the highest growth during the forecast period

Based on propulsion, the sterndrive segment of the marine propeller market is projected to grow at the highest CAGR from 2017 to 2022. The growth of the sterndrive segment can be attributed to the increased demand for ships with sterndrive propulsion systems.

These systems encompass an outboard unit that is attached to the inboard gas or diesel engine positioned at the rear of the boat.

The marine propeller market in Europe is expected to witness the highest growth during the forecast period

The marine propeller market in Europe is projected to grow at the highest CAGR from 2017 to 2022. The European shipbuilding industry is involved in the construction of complex naval vessels, such as cruise ships, ferries, mega yachts, submarines, and dredgers (offshore vessels).